# Specification Sensitivity: Z_1 → gross_assets_gdp

How Z_1 coefficient changes across different control sets

| Specification         |    N | Z_1             |      p | sig   |     R2 |
|:----------------------|-----:|:----------------|-------:|:------|-------:|
| S1: Z only            | 6485 | -821.7 (620.5)  | 0.1854 |       | 0.0203 |
| S2: + growth, fiscal  | 5911 | -889.6 (675.7)  | 0.1881 |       | 0.0189 |
| S3: + kaopen          | 5296 | -1396.7 (591.5) | 0.0183 | **    | 0.0196 |
| S4: + nfa_gdp_lag     | 5744 | 275.8 (495.4)   | 0.5778 |       | 0.0241 |
| S5: + kaopen + nfa    | 5174 | -229.8 (283.3)  | 0.4173 |       | 0.0486 |
| S6: + log_gdp_pc      | 5742 | -773.1 (701.3)  | 0.2703 |       | 0.0066 |
| S7: + kaopen + gdp_pc | 5191 | -1290.5 (606.0) | 0.0332 | **    | 0.0089 |
| S8: full              | 5074 | -182.3 (290.1)  | 0.5296 |       | 0.026  |
